Preatoni Tower Rescued and Now Open For Business
January 7, 2019

Preatoni Real Estate has announced the completion of the Dubai Star project, four years after its initial developer abandoned the multi-million project following the 2009-2010 economic crisis that befell the region.

The 45-storey skyscraper, which is located at the upmarket JLT cluster L has now been renamed Preatoni Tower. It boasts some 554 units covering a total of 600,000 sq/ft of prime"...

Shaker Group and LG launch new Saudi manufacturing facility
January 6, 2019

SHAKER Group, the exclusive manufacturer and distributor of LG Air Conditioners in Saudi Arabia, has expanded its production capacity in partnership with LG. The new production facility, located in Riyadh, Saudi Arabia, will manufacture high performance Multi Fan Air Handling Units (AHU). Total AHU market size in Saudi Arabia is estimated at SR 600 million.

The new facility represents an important milestone for Shaker Group and LG’s long-term strategic"...

KEC unit in deal to transfer land for Haramain rail project
January 5, 2019

Al Gharra International for Real Estate Development Company, an affiliate of Saudi's Knowledge Economic City (KEC) has signed an agreement with Saudi Railways Organization (SRO) for the transfer of land towards construction of a Haramain Rail station in Madinah.

The 450-km network connects Makkah and Madinah with in between stations at Jeddah, King Abdul Aziz International Airport,"...

Airedale Air Conditioning seals Riyadh Metro supply deal
January 3, 2019

High-tech manufacturer Airedale International Air Conditioning has won a £1-million ($1.27 million) export order to supply specialised air-conditioning units for the new Riyadh metro system in Saudi Arabia.

Airedale, which employs over 400 people at its production facility in Leeds, UK, specialises in producing innovative, precision air-conditioning units designed for use in data centres where computer servers need to be maintained at a controlled"...

Saudi Jabal Omar swings to Q3 net profit
January 3, 2019

Jabal Omar Development Company (JODC), a leading real estate development company in the region, has reported a net profit of SR192.3 million ($51.1 million) for the first nine months of 2018, compared to a net loss of SR600 million ($159.7 million).

Announcing the results for the nine-month period, JODC said the swing to Q3 profit was mainly due to the higher revenue from sale of residential apartments.

The company had also reported a SR469.6"...

Saudi Real Estate Refinance Co plans $2.93bn sukuk
December 31, 2018

Saudi Real Estate Refinance Company (SRC) has established a major sukuk programme with plans to issue up to SR11 billion ($2.93 billion) bonds, a statement said.

Proceeds from the sukuk issuance will help SRC fund its business strategy to increase the liquidity in the Saudi Arabian mortgage market in compliance"...

Global industry giants eyeing $6.3bn HVACR market
December 27, 2018

Leading international and regional players in the HVACR (heating, ventilation, air-conditioning and refrigeration) sector will be in Riyadh for three days of business and networking at the HVACR Expo Saudi.

The event, being held from January 28 to 30 at the Riyadh International Convention & Exhibition Center (RICEC), will feature prominent international brands from over 15 countries.

Major industry giants including Carrier, Zamil AC,"...

Arzan Wealth Advises on Third Lending Deal under the Real Estate Debt Platform
December 27, 2018

Arzan Wealth (DIFC) Limited (‘Arzan Wealth’), a Dubai-based advisory firm regulated by the Dubai Financial Services Authority, is pleased to announce that it has advised on a senior secured loan opportunity in the United States, as part of the recent strategy focusing on investments into debt structures. This third investment under the Real Estate Debt Platform has fixed monthly interest payments to investors during the holding period, and has been structured"...

DAMAC Honours Long-Serving Employees
December 24, 2018

To celebrate its growing family of over 2,000 employees, DAMAC Properties has recently launched the ‘DAMAC Long Service Awards’. The first edition of the awards ceremony, which was held last week at the Trump International Golf Course, recognised team members who have been instrumental in DAMAC’s success story.

“I am humbled to be part of this celebration in the honour"...